Matching Gifts ?

Mike or Penny Novack stepbystepfarm at dialup4less.com
Mon Jul 10 09:50:46 EDT 2017


On 7/9/2017 11:53 PM, aegross wrote:
> Part of the benefits of my employer is that I have $X per year in matching
> gifts for charities I support.  If I wanted to track the remaining amount of
> money I have to allocate, what would the GAAP be for recording such?
> Currently I do this work in a spreadsheet but it would be handy to have this
> info in in GC.  But, it's not a liability and it's not an asset.
>
> Kind regards,
> Andrew Gross
This is a case where if you want to use gnucash instead of a spreadsheet 
you create a separate set of books for a virtual entity. In other words, 
it isn't something on YOUR books that you are accounting for, not even a 
REAL entity (but a right to have donations made up to a certain amount). 
Besides the actual entities for which I keep books I also keep books for 
a couple of virtual entities (example: our solar system considered as if 
it were an investment paying back the amount loaned to it).

If you want to do this and are asking how to:
a) Yes, you could consider the initial amount allocated each year by 
your employer to be an asset (of this entity) and its "income".
b) Every time you instruct your employer to make a matching donation you 
can credit that "available" account and debit the "expense" of a 
donation to that particular charity.

Michael D Novack




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